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The Central Board of Direct Taxes (CBDT) on Saturday extended the due date for filing the return of income tax for tax payers with international transactions who are required to submit informations under section 92E.
The CBDT has given the relaxation for the Assessment Year 2024-25, as per an official statement. As per the statement the new deadline for the filing the return has been extended by 15 days, from November 30 to December 15 in the current year. The due dat for furnishing the return of Income u/s 139 (1) of the Income-tax Act. 1961 (the Act) in the case of an assessee who is required to furnish a report reffered to in section 92E, is the 3th day of November of the assessment year i.e 30.11.2024 for the AY 2024-25," the the official document added. CBDT, on November 24, advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns (ITRs). Income Tax department in its special edition of 'Samvad' raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among taxpayers about the need to accurately report their foreign income and assets in their Income Tax Returns (ITR). During the session, Shashi Bhushan Shukla, Commissioner (Investigation), CBDT explained that all Indian residents are required to declare their foreign assets, which can include real estate, bank accounts, shares, debentures, insurance policies, or any other financial assets where they are the beneficial owner. He said that Income Tax Department has provided a detailed step-by-step guide in the ITR form, specifically in the "Foreign Assets and Income" schedule, where taxpayers can report their foreign income and assets. He emphasised that this rule applies specifically to resident taxpayers, as defined under Section 6 of the Income Tax Act. Talking about the returning Non-Resident Indians (NRIs) who had foreign assets when they were living abroad, he said that even if these individuals return to India and become residents, they must disclose their foreign assets and income for the years they qualify as residents. The same rule applies to any foreign citizen who becomes a resident in India, as per Shukla. The requirement to disclose foreign assets applies to both residents and those who transition into residency status. On discloser of foreign stocks and investments, he informed that that any dividends or capital gains earned from these foreign stocks must be reported in the ITR under the appropriate schedule. (ANI)
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